Where Are All The Homes For Sale In Santa Cruz?California Association Of REALTORS® Study Finds Alarming Trends
While home prices continue to rise, homeowners who were once thinking about capitalizing on the value of their home are reconsidering the idea. A study from the California Association of REALTORS® found that more than one-third of California homeowners have thought about selling their home in the past year in an attempt to cash in on the boom, but a majority of them weren't able to afford another home if they sold the one they had. In addition to the affordability crunch, the higher property taxes are another factor that's keeping residents in their current homes.
In the first quarter of 2012, when housing in California was the most affordable it's been in many years, an income of over $56,000 was required in order to purchase a medium-priced home. This year, the minimum income required to purchase a home has jumped to over $96,000. The good news? Prices in August appear to have dipped a little from July, so there's hope that the crunch is starting to ease off. Check out the table below for a more in-depth comparison of the numbers.
Trends At A Glance: Santa Cruz Real Estate Right Now
|Average Statistics For Single Family Homes||Aug 2015||July 2015||Aug 2014|
|Sale/List Price Ratio:||100.3%||99.3%||99.8%|
|Days On Market:||38||43||35|
|Days Of Inventory:||77||59||74|
Why Rent When You Can Buy?
The rental market in Santa Cruz right now is in a similar situation as the buying market with the lack of inventory and sky-high prices, but there are a number of resources and assistance programs to help first time buyers get into a home that's all their own. Nearly 87 percent of homes qualify for down payment assistance, but a lack of awareness that these programs even exist is what's keeping people from even considering the idea. A new tool called Down Payment Resource (DPR) is optimistic that they'll change that. DPR's website can connect prospective buyers with programs in their area, from grants and delayed repayment plans to interest-free loans and more.
While most programs are intended to help first-time homebuyers, there are a few options for anyone who's looking to buy a new home. Even those who were hit hard during the recession may be able to take advantage of these programs. If you were forced to sell your home in a short sale before, but have since then re-established yourself, you just might qualify for assistance. Visit DPR's website for more information, check your eligibility, and see what's available in your area today.
The Santa Cruz Real Estate Report - Lauren Spencer
For more information about the current state of the market, be sure to check out my formal Real Estate Report . There you'll find more information about the results of the C.A.R.'s study where to find the most affordable homes for sale in Santa Cruz.
If you've been thinking about buying a home, now more than ever is an important time to have a certified real estate agent on your side. With over 29 years of experience, finding the best home for you isn't just my job, it's my passion. Get in touch with me today or call 1-800-226-4717 and I'll be happy to arrange a time for us to discuss your options.
Questions About Santa Cruz?
We're experts in the community and real estate market of Santa Cruz—this is where we live, work, and play. So let us know your questions about our community and county and we'll be happy to fill you in on all you want to know!
Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.
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